What is meant by “locking in my interest rate”, and when and how do I lock?
Locking your interest rate refers to guaranteeing a specific interest rate on your loan for a specific period of time. That period of time is called the lock period. The lock period guarantees your rate through the loan approval process until you close on your loan. I will ensure your loan closes prior to the expiration date of your lock. There are varying lock periods, including extremely long term lock periods of 120,180, even 270 & 360 days. You should never worry about how much time you need for your lock with all the available choices. All things being equal, shorter lock periods provide better interest rates, and as lock periods increase, so does the cost of the lock. I will ensure you get the minimum lock period for the time required to close your loan at that rate, and keep your rates at the lowest possible level for your situation. Remember though, the market can be volatile, and rates move with market activity up and down even within a single day. If you are concerned that ra
